Zimbabwe finalises trade, export policies

Zimbabwe finalises trade, export policies
Published: 14 December 2017
GOVERNMENT is finalising the formulation of a new National Trade Policy and the National Export Strategy for the period 2018 to 2022.

Industry, Commerce and Enterprise Development Minister, Mike Bimha, disclosed this last week at a business review conference organised by the Zimbabwe National Chamber of Commerce in the capital.

"Robust industrial and trade policy strategies are critical to facilitate the productive sectors of the economy towards export-orientation and international competitiveness. The process of formulating the new trade and export policies and strategies for Zimbabwe is currently underway. As a ministry, we are finalising the National Trade Policy and National Export Strategy which covers the period 2018 to 2022," Bimha said.

He added: "The ultimate goal of the new National Trade Policy is to facilitate a 10 percent annual increase in exports during the plan period. We need to trade, but we must be guided by a robust document. We have done wide consultation."

Government started the review of the National Trade Policy last year after it expired in 2016. A trade policy is crucial because it defines the country's standards, goals and rules and regulations that pertain to relations with other countries.

Benefitting the local manufacturers, the primary objective of the National Trade Policy is to increase exports and promote the diversification of the country's export basket with the ultimate target of increasing export earnings.

The other objective of the policy is to consolidate and expand existing export markets and explore new markets, with the main focus being to expand into regional markets in the context of deeper regional integration.

Zimbabwe's trade deficit narrowed to $1,3 billion in the eight months to August, compared to $1,8 billion during the same period last year.

Official figures from the Zimbabwe Statistical Agency show that in the eight-month period, imports came in at $3,6 billion while exports were at $2,2 billion, resulting in a trade deficit of $1,3 billion.

Month-on-month, the trade gap for August stood at $90 million, down from $218 million in July, showing an impressive 58,7 percent improvement attributable to growth in exports, which countered imports growth.
- fingaz
Tags: Export,


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